Index lowest in decade
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Thailand's consumer confidence in October plunged to the lowest point in a decade, due chiefly to the severe flooding, according a survey by the University of Thai Chamber of Commerce.
The consumer confidence index dropped from 81.8 points in September to 72.4 points in October.
Saowanee Thairungroj, vice president to UTCC's Research Division, said that the declining confidence will continue to dampen spending sentiment and slow down economic growth.
Other negative factors influenced the decline aside from floods are the Bank of Thailand's decision to cut this year's economic growth forecast from 4.1 per cent to 2.6 per cent, an increase in the cost of living, global economic slowdown, and higher fuel prices.
